The demographics of New Cross’ population

New Cross has a rich history and a growing population with unique characteristics that make it an attractive area for buy-to-let properties. With its origins dating back to the 16th century, New Cross has undergone significant changes over the years, from being a rural area, to a bustling suburb and now a thriving inner-city neighbourhood. Today, New Cross is known for its vibrant arts scene, with several music venues, a thriving street art community, and an array of cultural events.

Population Size

The population of New Cross is estimated to be around 23,000 and is growing at a steady pace, outpacing the average growth rate of other London boroughs. This growth can be attributed to the area’s proximity to central London, its well-connected transport links, and its relatively affordable housing prices compared to other areas in the capital.

Age of Population

In terms of age, the population of New Cross is relatively young, with a median age of around 31 years old, which is lower than the UK average of 45. This demographic is predominantly made up of young professionals, students and families, making it a diverse and dynamic community.

Employment Rate

The employment rate in New Cross is also higher than the average in the UK, with the majority of residents working in professional and skilled positions. This is particularly noteworthy for property investors, as it means that the majority of residents are able to afford to rent or purchase a property.

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Education

New Cross is home to several educational institutions, including Goldsmiths University of London, one of the leading arts and humanities universities in the UK. With a student population of around 16,000, there is a high demand for rental properties in the area, particularly for student accommodation.

Renter vs Owner-Occupied

The majority of residents in New Cross rent their properties, with a rental rate of around 70%, compared to the UK average of around 30%. This high demand for rental properties makes it an attractive area for buy-to-let investments.

Crime Rate

In terms of crime, New Cross has a lower than average crime rate compared to other areas in London, making it a relatively safe and secure area to live and invest in.

In conclusion, when considering a buy-to-let investment in New Cross, you need to take into account its growing population, young demographic, high employment rate, high education level, high demand for rental properties, and low crime rate. These factors all contribute to making New Cross an attractive area for property investment, and with its rich history and vibrant arts scene, it is a unique and dynamic community that is worth considering.

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